Question - Presented below is information related to Ivan Calderon Corp. for the year 2014.
Net sales $1,303,000
Cost of goods sold 786,700
Depreciation expense omitted by accident in 2013 42,300
Selling expenses 65,200
Casualty loss (extraordinary item) before taxes 52,900
Administrative expenses 49,500
Write-off of inventory due to obsolescence $81,400
Cash dividends declared 53,700
Dividend revenue 27,000
Retained earnings at December 31, 2013 985,300
Interest revenue 7,400
Effective tax rate of 34% on all items
a) Prepare a multiple-step income statement for 2014. Assume that 60,600 shares of common stock are outstanding.